Current Affairs Update – 22-23rd March, 2015

Hello and welcome to ExamPundit. Here are the Current Affairs Update for 22nd and 23rd March, 2015.

• India has overtaken the US to become the third-largest steel producer in the world with a production of 14.56 million tonnes (MT) in first two months of the year.
• India has been the fourth-largest steel producer for the past five years, behind China, Japan and the US.
• Data compiled by World Steel Association ( WSA) showed that the country's production growth was the highest during the January-February period at 7.6 per cent as compared to the global average of just 0.6 per cent at 127.6 MT.
• Production in China, which accounts for nearly half of the global steel production, fell during the period by 1.5 per cent. It produced 65 MT steel during the period.
• Japan, the second-largest producer, reported a total output of 17.4 MT, but production in the country fell 2.2 per cent.
• The US, which was the third-largest steel producer since 2010, produced 13.52 MT during the January-February period, giving away its position to India.

• Concerned over the rising number of loan default cases, the Reserve Bank today warned lenders against outsourcing their credit processing activities to third-party entities.
• As per the data made available by the RBI, the gross NPAs (non-performing assets) of the PSU banks stood at Rs 2,60,531 crore, as on December 2014.
• The total number of defaulting borrowers, having Rs 10 crore and above at the end of September 2014, stood at 2,897 with outstanding amount of Rs 1.60 lakh crore.
• A non-performing account of whatever origin and pedigree is a drag on the banking system and increases the cost of intermediation, which pinches an honest borrower the most.

• The Union government will borrow Rs. 3.6 lakh crore from markets in the first half of the next financial year, which is over 50 per cent of the annual target of Rs. 6 lakh crore.
• The government borrows money from the markets through T-bills and other instruments to fund its fiscal deficit. Giving details of borrowing programme for 2015-16, he said the Central Government would be borrowing about Rs. 17,000-18,000 crore through bonds every week.
• The calendar for market borrowing was decided at a meeting between officials of the Finance Ministry and Reserve Bank (RBI).
• The government, as per the budget papers, plans to borrow Rs. 6 lakh crore from the market in the next fiscal, up from Rs. 5.92 lakh crore in 2014-15.
• However, the net borrowings in 2015-16 will be Rs. 4.56 lakh crore, after considering repayments of past loans and interest, as per budget documents. The budgeted target for borrowing in current fiscal was also Rs. 6 lakh crore, but it is likely to remain at around Rs. 5.92 lakh crore.
• In the financial year ending March, the fiscal deficit has been estimated at 4.1 per cent. In 2015—16, the deficit will be pruned to 3.9 per cent.

• Security and Exchange Board of India (SEBI) Board on 22 March 2015 approved the SEBI (Issue and Listing of Debt Securities by Municipality) Regulations, 2015. The regulations will enable the resources starved municipalities across the country to mobilise financial resources from capital market.
• The regulations provide for public issuance and listing of privately placed municipal bonds and also provides for disclosure requirements to be made by the prospective issuers.
• Till now, municipalities were denied permission to list themselves in stock exchanges and conduct trade in bonds issued by them.

• An issuer making a public issue shall only issue revenue bonds. In case of private placements, an issuer may issue general obligation bonds or revenue bonds
• Issuer’s contribution for each project shall not be less than 20 percent of the project costs, which shall be contributed from their internal resources or grants
• Mandatory credit rating, which has to be investment grade rating in case of public issuances
• The tenure of these bonds will be of 3 years
• Municipality should not have defaulted in repayment of debt securities or loans obtained from Banks/Financial Institutions, during the previous 365 days
• Municipality should not have had negative net worth in any of the last three preceding financial years
• Banks or Financial Institutions will be appointed as monetary agencies who inter-alia will prepare periodic reports

• The capital market regulator, Security and Exchange Board of India (SEBI) Board on 22 March 2015 approved SEBI (International Financial Services Centres) Guidelines, 2015.
• The guidelines for IFSCs aim to provide an enabling environment for setting up of capital market infrastructure like stock exchanges, clearing houses, depository services, etc., in such centres.

• Any Indian stock exchange by the SEBI or a foreign stock exchange recognized by the originating country’s market regulator can set up subsidiaries in IFSC.
• A stock exchange can be set up with 25 crore rupees capital, against the normal requirement of 100 crore rupees. However, this will have to be raised to 100 crore rupees within three years. Such exchanges will also be given three years to complete de-mutualisation.
• A Clearing Corporation can be set up, with 50 crore rupees capital, against the norm of 300 crore rupees, which will have to be achieved within three years of establishment.
• Issue of depository receipts and other securities by foreign issuers under the Foreign Currency Depository Receipts Scheme, 2014, will also be allowed.
• IFSC will be set up under the Special Economic Zone (SEZ) Act of 2005.
• Non-resident Indians, foreign investors, institutional investors, and resident Indians eligible under the Foreign Exchange Management Act (FEMA) are allowed to  participate in IFSC.

• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed Rs. 20 lakh penalty on Apollo Munich Health Insurance Company for violation of various norms.
• In an order, IRDAI Chairman TS Vijayan said fine was imposed for accepting premiums from agents after expiry of their license. The company did not capture the record of the license dates of the agents as well.
• Further, the insurer did not provided the mandatory reserve for claims under litigation. It also violated norms by procuring travel insurance business through Make My Trip which is not authorised to act as an intermediary, the order said.
• The regulator had also imposed Rs. 10 lakh penalty on Agricultural Insurance Company of India Ltd for violation of norms related to reinsurance, among others.

• Prime Minister Narendra Modi today paid rich tributes to Bhagat Singh, Sukhdev and Rajguru on their martyrdom day.
• “On their martyrdom day, I pay my respects to Bhagat Singh, Sukhdev and Rajguru who sacrificed their life for the nation,” he said in a statement.
• “Tributes to these great patriots,” the Prime Minister said.
• Bhagat Singh, Rajguru and Sukhdev were tried for killing British Superintendent of Police Saunders on December 17, 1928, and were awarded the death sentence.
• They were hanged in the Central Jail at Lahore on March 23, 1931.

• The Andhra Pradesh Government is considering naming the new capital city planned near Vijayawada-Guntur region as Amaravathi, based on the historical Buddhist site along Krishna river.
• While the Government has taken a decision on the move to name the new capital as Amaravathi, a formal announcement is likely to be made soon.
• The N Chandrababu Naidu Government has initiated the land pooling process and has thus far managed to get consent for 33,000 acres for the proposed new capital city.
• The master plan for the capital city, being prepared by Singapore based firms, is likely to be ready by May-June this year and works are poised to commence in the second half of 2015.
• The State is seeking to name the new capital on Amaravathi, a small town about 35 km from Vijayawada, and home to famous temple of Lord Siva and Buddhist Stupa. As per historical data, Amaravathi and nearby locations including Dharanikota served as capital of Satavahanas and later to other rulers.
• The region along the Krishna river has been an important destination for Buddhists for the Stupa. The town and the Stupa were in limelight when Dalai Lama conducted a mega event Kalachakra in 2006 and lately now with the AP Government seeking to make it part of the proposed capital region.

• The Centre is coming out with a revised strategy for 'Jan Aushadhi' scheme, which seeks to provide quality medicines at affordable price, to expand its reach across the country.
• The scheme is being revisited to expand its reach across the country. Details are being worked out by Bureau of Pharma Public Sector Undertakings of India (BPPI) in consultation with Department of Pharmaceuticals, he said.
• The Government will also open around 1,000 Jan Aushadhi stores in the near future, Ahir added.
• To make the scheme successful, the Centre has sought participation of private pharmaceutical companies, the Minister told the event.

• Actor-filmmaker Shashi Kapoor, who has starred in over 100 Hindi films and best known for his powerful portrayals in hits like “Namak Halaal”, “Deewar” and “Kabhie Kabhie”, was today chosen for the prestigious Dada Saheb Phalke award, the highest official recognition for film personalities in India.
• The 77-year-old actor, who is wheelchair bound and has been ailing from kidney problems, is the third from his family to get the award, after father Prithvi Raj Kapoor and elder brother Raj Kapoor.
• The award consists of a Swarn Kamal (Golden Lotus), a cash prize of Rs 10 lakhs and a shawl, an official announcement here said. The award is given on the basis of recommendations of a Committee of eminent persons set up by the Government for this purpose, the statement added.
• A five member jury unanimously recommended the name of Kapoor, who has carved out an equally successful career in alternative international cinema and theatre, for the award.
• He will be the 46th Dada Saheb Phalke Award winner.
• Born in 1938, Kapoor hit the spotlight from the age of four acting in plays directed and produced by his father, while travelling with Prithvi Theatres. He started acting in films as a child in the late 1940s.

• Republican US Senator Ted Cruz confirmed today he will run for president in 2016, the first major candidate to officially declare a bid in the next race for the White House.
• The 44-year-old grassroots Tea Party supporter has been Senator in Texas since 2012, and is a long-time critic of Barack Obama’s administration.
• He has raised hackles in his own party in recent years when he helped push the U.S. government into shutdown over budget fights, and for opposing Republican leaders on a series of issues.
• Cruz’s advisors told U.S. media he will aim to raise between US$ 40 million and US$ 50 million for his campaign, and will rely on support from his Tea Party base that voted him in as senator.
• Though the first to officially declare his presidential bid, other Republicans, including Jeb Bush, Wisconsin governor Scott Walker and Senators Rand Paul and Marco Rubio have signalled they too could join the race.

• Pakistan has been holding its first Republic Day parade in seven years amid tight security.
• The ceremony marks the anniversary of a 1940 resolution calling for a separate homeland for Muslims in India.
• Its resumption is a symbolic show of military strength, analysts say, from a nation which has been badly affected by militant attacks.
• In his address Pakistan's President Mamnoon Hussain said that the "end of terrorism" was near.

• Scientists have discovered a 400 km-wide impact zone from a huge meteorite in central Australia which is the largest asteroid impact zone ever found on Earth.
• A team led by Andrew Glikson from the Australian National University (ANU) found the impact zone from a huge meteorite that broke in two, moments before it slammed into the Earth in central Australia.
• The crater from the impact millions of years ago has long disappeared. But researchers found the twin scars of the impacts — the largest impact zone ever found on Earth — hidden deep in the Earth’s crust.
• Mr. Glikson from the ANU School of Archaeology and Anthropology, said the impact zone was discovered during drilling as part of geothermal research, in an area near the borders of South Australia, Queensland and the Northern Territory.

• Sarath Fonseka, the former Army Chief of Sri Lanka, on 22 March 2015 was conferred with the country's highest military rank of Field Marshal. He was awarded the honorary title by President Maithripala Sirisena for achieving victory over terrorism.
• With this, Foneska became the first Sri Lankan Army officer to become Field Marshal. Fonsenka is a former Chief of Defence Staff and is now a member of Sri Lanka Parliament from Colombo district.
• Under his leadership, the 26-year Sri Lankan Civil War came to an end in 2009 in which the rebels Liberation Tigers of Tamil Eelam (LTTE) were defeated by Sri Lankan army.

• Novak Djokovic of Serbia on 22 March 2015 won his fourth Indian Wells Open Tennis Men’s Singles title. In the final clash, Djokovic defeated Roger Federer of Switzerland 6-3, 6-7 (5), 6-2.
• This win at Indian Wells Open was the 50th tour-level title for Djokovic. With this fourth title in Indian Wells, he also became the 12th player in the Open Era to win 50 titles, surpassing his coach, Boris Becker, of 49 trophies.
• On the other hand, Simona Halep of Romania defeated former Jelena Jankovic of Serbia 2-6, 7-5, 6-4 to win her the Indian Wells Open Tennis Women’s Singles title. For Helep, this was the biggest title of her career.
• Halep is the first player to win three WTA titles in 2015. Earlier, she had won Shenzhen Open and Dubai Open in 2015.

• Sania Mirza and Martina Hingis, the Indo-Swiss women pair of Tennis, on 21 March 2015 won the women doubles title of BNP Paribas Open. In the title clash played at Indian Wells, USA, the duo defeated the Russian pair of Ekaterina Makarova and Elena Vesnina 6-3, 6-4.
• En route to the title, the top seeds Sania and Hingis didn’t drop even a single set in the tournament.
• Till date, Hingis has won 11 Grand Slams which include nine in women's and two in mixed, while Sania has claimed three Grand Slams, all in mixed.

• Lee Kuan Yew, the statesman and founding father of Singapore died on 23 March 2015 at the Singapore General Hospital. He was 91.
• Yew, who in 1959 became the first Prime Minister of Singapore, was widely recognised as the founding father of modern Singapore and also the Architect of Modern Singapore. He transformed Singapore from a small port city and a malaria-infested backwater to a wealthy global hub.
• Singapore Prime Minister Lee Hsien Loong declared a period of National Mourning from 23 March to 29 March 2015.

• The World Meteorological Day (WMD) 2015 was observed across the world on 23 March 2015. The theme for the WMD 2015 is Climate Knowledge for Climate Action.
• The theme assumes significance in the backdrop of necessity to disseminate Climate Change related knowledge to take up appropriate mitigation and adaptation actions.
• Every year on the occasion of WMD, awards for meteorological research are also given. These awards include The International Meteorological Organization Prize, Professor Dr. Vilho Vaisaila Award and The Norbert Gerbier-Mumm International Award.

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